EDF Energy price rise – how much is the standard variable electricity tariff increase and who owns the company?
Electricity prices for EDF customers have gone up by £16 a year - here is how to tell if you are affected
EDF Energy have put up their electricity prices for over a million customers.
Most customers have seen their bill rise by £16 a year, but when did the prices go up and who owns EDF Energy? Here's the lowdown.
When will my electricity prices go up?
The prices on EDF Energy's standard variable electricity tariffs went up from June 7.
Prices will be going up by 1.4 per cent which means customers will be spending £16 a year more for their electricity.
In total, a typical bill will amount to £1,158 a year for a duel fuel bill.
Just over 40 per cent of EDF Energy's customers will be affected.
What is a standard variable tariff?
Standard variable tariffs are rolling contracts which have no fixed end.
They are usually the most basic energy packages that a company can provide.
If you are on a fixed term contract and that ends you will often be automatically switched on to a standard variable tariff until you choose a new contract.
Despite being the most basic, standard variable tariffs can often be more expensive than other deals from the same provider.
Most EDF Energy customers are not on standard variable tariffs, you find out how to switch here.
BT scrapped their standard variable tariff last year amid calls to end the rip off tariffs.
Who owns EDF Energy?
EDF Energy was formed in 2002 after SEEBOARD Plc, London Electricity Plc and SWEB Energy Plc were all merged together.
The company is wholly owned by French company EDF.
EDF stands for Electricite de France, and is largely owned by the French state.
The British arm of EDF, EDF Energy, is one of the largest distributors of energy in the UK.
EDF Energy owns two 2,000 mega watt coal powered power stations in Nottinghamshire.
This means EDF has the highest powered fossil fuel generators in the UK.
The company made profits of £1.5billion last year, one third less than the year before.
LATEST ON ENERGY BILLS
How much has my energy bill gone up by?
On average EDF Energy said that customers on standard variable tariffs who pay by direct debit will pay an extra £16 a year.
Whereas those on the duel fuel tariffs paying by cash or cheque can expect a £28 pound increase in their bills.
EDF Energy blamed the price rises on the continuing rising cost of energy, policy and installing smart meters, saying they had worked to offset rising energy and policy charges by cutting their own costs.
Gas prices for EDF energy customers are unaffected by the hikes.
We pay for your stories! Do you have a story for The Sun Online Money team? Email us at [email protected] or call 0207 78 24516. Don't forget to join the for the latest bargains and money-saving advice.